Tullow Oil Share Discussion Threads

[tipster29] 17/1/2017 07:42

Great news, should help restore upward momentum

[james190] 16/1/2017 14:49

GONE LONG ON THIS BABY JUNE FUTURES

[oilretire] 16/1/2017 07:46

More details on the 'missing' tax take here...



Over the last two weeks, the discussion in the country has been concentrated around the Shs6b that was paid to 45 public officials for ensuring that Uganda ripped benefits from two transactions.......

........Currently, all oil revenues are placed in the Petroleum Fund (PF) that was established by the Public Finance Management Act, 2015.......

.......Uganda has been involved in two tax disputes with Tullow and Heritage Oil. The two cases were able to generate a combined $750m (Shs2.7trillion) in revenues to the Uganda government. According to declarations by Bank of Uganda (BoU), the Petroleum Fund as at end of June 2016 had a total of $72m (Shs245.5b). This is because in a settlement reached between the Uganda government and Tullow in 2015, the oil company would pay $250m as Capital Gains Tax (CGT).

Tullow had already deposited the $142m (Shs511b) back in 2012 to the Ugandan tax authorities as it contested the total value that had been assessed. After the 2015 settlement, Tullow agreed to pay the balance $108m in three equal tranches of $36m (Shs129b) annually, until 2017.

According to the BoU annual report of 2015/16, the only money in the Petroleum Fund is from the two payments Tullow has made since 2015......

[tjbird] 16/1/2017 07:43

Irish Independent
Tullow Oil's Heavey to step down after 32 years



A Bid will come soon now

Odey be fried overnight when it comes

[oilretire] 16/1/2017 07:39

Agreed eipgam, fortunately I can afford the time to wait for the recovery and/or the end game - & then hopefully retire early ;-)


Meanwhile, another wee example of why I'm pleased we're down sizing in Uganda



Ruhindi is one of the 42 select officials who received the reward from President Yoweri Museveni for winning two tax disputes; against Heritage Oil and Gas and Tullow Uganda.

[eipgam] 15/1/2017 18:13

very candid posts, chessman and oilretire... You're not the only two with that experience.

I'm staying for the POO recovery, and maybe the Chinese will buy one day... but it'll prob be for single digit £s if it happens.

[oilretire] 14/1/2017 08:11

Good riddance to acting as operator in Uganda after they screwed us over tax. Lets hope the government learnt a lesson on greed there. Obviously have a much better relationship with the Kenyan government....



“Tullow will remain an active, albeit non-operating partner in Uganda,” the company said in a statement.

“Tullow could look to make a similar farm-down in Kenya itself but is clearly committed to remaining operator.”......

........“We see the farm down as an important development for Tullow to concentrate its efforts in developing the Kenyan operation,” said Standard Investment Bank in its research note on the transaction.

[mariopeter] 13/1/2017 16:28

Saudi patience being tested. They are not very patient and may implement deeper cuts to the US.

[chessman2] 13/1/2017 11:48

I've held for years having foolishly fallen in love with Tullow and thought I would wait until AH sold. I failed to sell at the peak as I was convinced the Chinese would bid up to £20 and didn't believe Tullow could fall as low as £1.20.

However now that AH is taking a back seat I do believe there is the possibility of a bid even though it may only be at the £4/5 level. We will see.

[samsung7] 13/1/2017 08:08

Where were the Chinese in the last deal ???
Just keep buying the dips.

[rickmay] 12/1/2017 20:48

BID BID BID COMING!!! £4.50-£5 ?

[frontdoor bull] 12/1/2017 19:20

I hope its £10, if there is

[tjbird] 12/1/2017 18:57

Irish Independent
Tullow Oil's Heavey to step down after 32 years



A Bid will come soon now

[rickmay] 12/1/2017 18:34

Some thing BIG is cooking I can smell it.

[mariopeter] 12/1/2017 16:50

The map on the link below gives an approximate comparison of Tullow and Exon locations. In fact it looks like the first discovery is actually on Tullow patch !

[billy_buffin] 12/1/2017 16:19

Snippet: 'Total’s global CEO Patrick Pouyanné said in a statement issued yesterday: “Following the agreement on the Tanzanian export pipeline route, this transaction gives Total a leadership position to move this project efficiently toward final investment decision (FID) in the current attractive cost environment, while providing strong alignment and a pragmatic financing scheme for our partner Tullow.”
Both Uganda Revenue Authority officials and Energy minister Irene Mulono were unavailable for comment on the Capital Gains Taxes that the deal attracted but a senior official told this newspaper that a substantive position will be communicated pending “valuations, closing of the agreement and government approving the deal.”'

[oilretire] 12/1/2017 16:07

More oil next door :-)



And from TLW statement yesterday.....

In Guyana, planning is ongoing to acquire 3D seismic data over the offshore Kanuku and Orinduik licences located updip of the Liza oil discovery.

You know it's big before the likes of Exxon make a news release

[yasharsad] 12/1/2017 14:41

Shorters are shtng themselves big time. The 500k sell order says it all. They are trying to put a lis on the price but until when?

[lostit] 12/1/2017 14:28

Could be something to do with today's 1bn bl discovery by XOM in Guyana. I think Tullow has a nearby block.

[eipgam] 12/1/2017 14:13

I would assume that all (with the possible exception of Lansdowne) will be saying BUY BUY to their shorts...

[nicebut] 12/1/2017 14:03

Were some of those shorters waiting for bad news in the interims- So what do they do now?

[g2theary] 12/1/2017 13:48

I hope it's a bid I bought 5700 shares yesterday.. more than Lilly following the price of oil up

[rickmay] 12/1/2017 13:23

IS A BID COMING NOW ???